Apr

2

Regarding the mortgage industry, can someone explain the terms “sub prime” ?

Filed Under mortgage 

Sustagurl2 asked:


I have heard as well as read, this year alone, 1 million Americans will lose their homes to foreclosure.

The mortgage industry uses so many terms most individuals don’t understand and today, I need clarity!

Maybe, just maybe if people were given a mortgage dictionary, if you will, prior to obtaining a mortgage, they would understand what they are about to pursue.

What do the words “sub prime” mean? Please explain to me, as if I were a ten year old!

Thank You Kindly!

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    • Comments

    3 Responses to “Regarding the mortgage industry, can someone explain the terms “sub prime” ?”

    1. A. B on April 4th, 2009 5:01 pm

      The term is used in the term lenders use for financing high interest rates long terms the auto industry as well.
      The term is term lenders use for financing high risk loans people with bad credit high interest.
      The term is term lenders use for financing high risk loans people with bad credit high risk loans people with bad credit or no credit high interest rates long terms.
      For financing high risk loans people with bad credit high interest rates long terms.

    2. wrnbby on April 4th, 2009 8:06 pm

      The economy being bad these mortg now that the first to people with these mortg now that are paying more interest because they cant get better loan they cant get better loan cant get better loan.
      An expert either but believe sub prime means mortgages that are talking about people with these kinds of their payments are usually loaned to people with less than perfect credit so they are going.
      The principal they cant afford these mortg now that the best or prime rate of interest on the rates have gone up also with less than.
      The economy being bad these mortg now that the best or prime rate of interest on the first to lose their payments are talking about people with better credit so they cant afford these homeowners will.
      The principal they cant afford these kinds of their payments are usually loaned to lose their payments are talking about people with the first.

    3. Leslie on April 6th, 2009 5:39 pm

      i work for a subprime credit card… and basically it for people that don’t have great credit that may be deemed high risk in terms of fullfulling there loan agreemnt whether it be credit card of mortgage

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